Cerebras Systems Inc.
Loading chart...
Loading financial statements...
Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
| Line item |
|---|
| Period ending |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and related notes, and other financial information, included elsewhere in this Quarterly Report on Form 10-Q and our final prospectus (the “Prospectus”) filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”), on May 14, 2026, in connection with our initial public offering (the “IPO”). In addition to our historical results of operations and financial position, this discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section titled “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q. Our historical results are not necessarily indicative of the results to be expected for any period in the future, and results for any interim period should not be construed as an inference of what our results would be for any full year or future period.
Overview
We are building the fastest AI infrastructure in the world.
In AI, speed is critical to win. Speed improves user engagement, expands product capabilities, can lower operating costs, and opens new markets. It shortens iteration cycles for engineers, researchers, and professionals across industries, allowing them to be more productive. Speed unlocks new applications and new industries.
Our solutions are built for speed. Cerebras Inference delivers answers substantially faster than GPU-based solutions. These performance breakthroughs are the result of our core innovation: the world’s first and only commercialized wafer-scale processor.
Our customers include hyperscalers, foundation model labs, AI-native and digital native businesses, enterprises, and sovereign AI initiatives. Our customers use Cerebras solutions to run applications that demand speed, scale, and intelligence. This work includes training and serving large frontier models with near-instant responses, processing massive datasets in real time, and generating full-stack applications in a single step.
Once customers adopt fast inference, user expectations for interactivity rise, and engineering teams shift from latency optimizations to other work, making it difficult to return to slower inference.
We deliver our solutions to customers in several different ways. Organizations that require full data and infrastructure control can purchase Cerebras AI supercomputers for on-premises deployments. Customers seeking cloud flexibility can access Cerebras compute through consumption-based models on Cerebras Cloud or through partner clouds. For example, our high-speed inference services are available through partners, including AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, OpenRouter, and Hugging Face, enabling seamless adoption within existing workflows. Beyond providing compute infrastructure, we provide AI services to our customers to co-develop solutions to address their most complex challenges, from training state-of-the-art models to optimizing deployments for each application’s needs, and maintaining and operating their on-premises hardware.
Recent Developments
OpenAI Collaboration
In December 2025, we entered into a master relationship agreement (the “MRA”) with OpenAI OpCo, LLC (“OpenAI”), under which OpenAI committed to purchase 750MW of AI inference compute capacity and related services, with deployment expected in tranches during 2026 through 2028. OpenAI also has the option to purchase an additional 1.25GW of capacity for deployment by the end of 2030. In the first quarter of 2026, we began recognizing revenue from the arrangement, and the initial tranche of the warrant issued to OpenAI vested upon the funding of a working capital loan of approximately $1.0 billion (the “Working Capital Loan”) in January 2026. Refer to Note 3 - Revenue, Note 10 - Debt, and Note 12 - Common Stock to our unaudited condensed consolidated financial statements for additional information regarding the OpenAI collaboration, including the revenue arrangement, Working Capital Loan, and warrant, respectively. The Company has to date repaid a portion of the balance using non-cash service credits and expects to continue to repay the balance using non-cash service credits.
Initial Public Offering
On May 13, 2026, our registration statement on Form S-1 (File No. 333-295145) related to the IPO was declared effective by the SEC, and our Class A common stock began trading on the Nasdaq Global Select Market on May 14, 2026. The IPO was completed on May 15, 2026. For additional information, see Note 2 - Basis of Presentation and Summary of Significant Accounting Policies to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
30
AWS
In June 2026, we entered into a global hardware leasing agreement with Amazon Web Services (“AWS”) to collaborate on the development and deployment of a joint compute solution in AWS data centers, together with related software and support services. As of June 30, 2026, the applicable lease commencement conditions had not been satisfied. Accordingly, the leases had not commenced, and we had not recognized revenue under the arrangement. In connection with the arrangement, we also issued a warrant to AWS. Refer to Note 12 - Common Stock to our unaudited condensed consolidated financial statements for additional information regarding the warrant issued in connection with the AWS collaboration.
Components of Results of Operations
Revenue
We generate revenue primarily from hardware solutions and cloud and other services. Hardware solutions consist of sales of our AI systems and related equipment for on-premises use. Cloud and other services include our Dedicated Capacity and On-Demand cloud offerings, support and management services, and AI modeling services. Cloud and other services revenue also includes pass-through amounts for data center set-up and operation costs that we incur and bill to certain specific customers under custom arrangements with those customers. These pass-through revenues are not part of our core technology or service offerings.
Hardware Solutions
Hardware revenue consists of sales of our AI systems and other equipment that can be used for both training and inference on-premises. We recognize revenue from sales of AI systems when control of the goods transfers to the customer, which generally occurs upon shipment or delivery, depending on shipping terms or upon meeting the contractual acceptance terms. Beginning in the first quarter of 2026, we began recognizing amortization of customer warrant assets as a reduction in revenue. Refer to Note 12 - Common Stock for additional information on common stock warrants issued to customers. This non-cash reduction in revenue negatively impacts sequential revenue growth trends in the near term.
Cloud and Other Services
Customers procure cloud capacity from us through two primary models: Dedicated Capacity and On-Demand. Dedicated Capacity contracts are generally structured as take-or-pay commitments, under which customers pay for dedicated compute capacity irrespective of utilization. We recognize revenue from sales of these cloud-based computing services, including hosted inference, over the service term, as the customer benefits from our services throughout the contract period. Beginning in the first quarter of 2026, we began recognizing revenue for pass-through data center costs due to a customer agreement. Also beginning in the first quarter of 2026, we began amortization of customer warrant assets as a reduction in revenue. Refer to Note 12 - Common Stock for additional information on warrants issued to customers. This non-cash reduction in revenue negatively impacts sequential revenue growth trends in the near term.
Our On-Demand model includes a consumption-based “pay-as-you-go” approach for inference, allowing customers to either pay for tokens as they consume them or pre-purchase token bundles for fixed amounts that are drawn down over time as the tokens are consumed, as well as for training workloads that run for contracted periods of time. The On-Demand model allows customers to scale elastically and many customers have begun with on-demand usage and transitioned to dedicated capacity as their workloads expand.
We generate services and support revenue primarily through software support agreements that range from one to five years, as well as offering a comprehensive suite of services to manage and operate Cerebras supercomputer clusters located in our customers’ data centers. Such revenue is recognized ratably over time as the services are provided.
We also generate revenue from custom AI modeling services over time as services are provided or at a point-in-time upon completion and acceptance by the customer of contract deliverables, depending on the terms of the agreement.
As a result of the MRA with OpenAI for the delivery of the Committed Capacity, we expect our cloud and other services revenue to comprise a significantly higher percentage of total revenue in future periods. The mix of hardware and cloud and other services revenue may vary from period to period based on OpenAI’s deployment options and the manner in which they elect to have the Committed Capacity, and any Additional Capacity, delivered by us. In the near term, we expect pass-through revenue to also increase significantly as initial Committed Capacity will be deployed in our cloud. This may vary over the longer term based on the deployment options elected for future Committed Capacity.
31
Hardware Cost of Revenue
Cost of revenue for hardware consists primarily of the cost of materials, such as wafers processed by third-party foundries, costs associated with packaging, assembly, shipping, logistics, quality assurance, warranty cost, cost of personnel, including salaries, stock-based compensation, and employee benefits, write-down of inventories, and facilities expenses.
Cloud and Other Services Cost of Revenue
Cost of revenue for cloud-based and other support services revenue primarily consists of data center costs, depreciation or rental of equipment, cost of personnel, including salaries, stock-based compensation, and employee benefits, and facilities expenses. We expect to incur other start-up costs related to expediting the availability of cloud capacity to fulfill the significant increase in near-term demand. We also began recognizing pass-through data center costs due to our MRA with OpenAI and expect these costs to grow as we deliver more cloud capacity under the agreement.
Gross Profit and Gross Margin
Gross profit represents revenue less cost of revenue. Gross margin is gross profit expressed as a percentage of revenue. Our gross profit has been, and we expect will continue to be, influenced by several factors, including sales volume and pricing of our products and services, mix of revenue between hardware and cloud and other services, changes in inventory costs, including wafer yield, contract manufacturing and supplier pricing, data center costs, repair and warranty costs, cost of logistics, and personnel costs.
We expect overall gross profit will increase in absolute dollars in the near term, primarily due to higher gross profit from Cloud and other services as revenue increases in connection with the continued ramp-up of dedicated cloud capacity deployments.
We expect gross margin to be significantly lower in the near term compared to recent prior periods and to fluctuate from period to period. These fluctuations are primarily driven by the amortization of customer warrant assets, which will reduce reported revenue in future periods. Gross margin is also expected to be adversely impacted by pass-through data center costs recorded in both revenue and cost of revenue, as well as start-up costs incurred to expedite cloud capacity to meet increased near-term demand. Because we began amortization of customer warrant assets in the first quarter of 2026, future quarterly revenue growth rates may decline from historical trends.
Operating Expenses
Research and Development Expenses
Research and development expenses primarily consist of costs incurred in performing research and development activities and include salaries, stock-based compensation, employee benefits, tape-out costs, which include layout services, mask sets, prototype components, system qualification and testing incurred before releasing new system designs into production, shipping, data center costs, depreciation and amortization, professional services fees, cloud computing, artificial intelligence tooling costs, and facilities expenses. We expense research and development costs as incurred.
We also expense software development costs, including costs to develop the software component of hardware to be sold, leased, or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products.
We expect research and development expenses to increase in absolute dollar terms as we continue to build new innovations with our wafer-scale technology and to remain competitive in the dynamic AI market. We expect to have significantly higher stock-based compensation expense related to equity awards, including the Executive Grants for our CTO discussed in Note 13 - Stock-Based Compensation, for which the liquidity-based vesting condition was satisfied in connection with the IPO on May 13, 2026. The Company began recognizing the stock-based compensation expense for these awards in the second quarter of 2026.
Sales and Marketing Expenses
Sales and marketing expenses primarily consist of personnel costs, including salaries, commissions, stock-based compensation, employee benefits, public relations costs, tradeshow and other sales event costs, advertising, travel and entertainment costs, costs to provide prospective customers with demonstrations or trials of Cerebras Cloud, and facilities expenses.
We expect sales and marketing expenses to increase in absolute dollar terms as we grow our customer base and brand. We expect to have higher stock-based compensation expense related to equity awards for which the liquidity-based vesting condition was satisfied in connection with the IPO.
32
General and Administrative Expenses
General and administrative expenses consist primarily of personnel costs, including salaries, stock-based compensation, employee benefits and bonuses related to corporate, finance, legal, information technology and human resource functions, professional services fees, audit and compliance expenses, software subscription costs, travel and related costs, insurance costs, depreciation and amortization, allocation of facilities and other general corporate expenses. We expect to incur additional expenses as a result of operating as a public company, including expenses to comply with the rules and regulations applicable to companies listed on a national securities exchange, expenses related to auditing, compliance, and reporting obligations pursuant to the rules and regulations of the SEC, as well as higher expenses for general and director and officer insurance, investor relations, and professional services.
We expect general and administrative expenses to increase in absolute dollar terms as we grow the business and have more employees around the world, and incur additional expenses to operate as a public company, including expenses to comply with rules and regulations applicable to companies listed on a securities exchange, expenses related to compliance and reporting obligations in various jurisdictions, and professional services. We expect to have significantly higher stock-based compensation expense related to equity awards, including the Executive Grants for our CEO as discussed in Note 13 - Stock-Based Compensation, for which the liquidity-based vesting condition was satisfied in connection with the IPO on May 13, 2026. The Company began recognizing the stock-based compensation expense for these awards in the second quarter of 2026.
Other Income, Net
Other income, net consists primarily of interest income, dividend income, and interest expense on the Working Capital Loan.
Income Tax Expense
Income tax expense consists of U.S. federal and state income taxes and income taxes in certain foreign jurisdictions in which we conduct business. We maintain a full valuation allowance on our federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized. Our effective tax rate is affected by tax rates in foreign jurisdictions and the relative amounts of income we earn in those jurisdictions, as well as non-deductible expenses, such as stock-based compensation, and changes in our valuation allowance.
Results of Operations
The following tables set forth selected consolidated statements of operations data for each of the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
Hardware | $ | 54,119 | $ | 70,295 | $ | 164,712 | $ | 139,969 | |||||||||||||||
Cloud and other services | 125,991 | 33,027 | 208,804 | 62,865 | |||||||||||||||||||
Total revenue | 180,110 | 103,322 | 373,516 | 202,834 | |||||||||||||||||||
Cost of revenue(1): | |||||||||||||||||||||||
Hardware | 53,141 | 46,649 | 118,072 | 95,059 | |||||||||||||||||||
Cloud and other services | 101,410 | 24,574 | 143,709 | 34,072 | |||||||||||||||||||
Total cost of revenue | 154,551 | 71,223 | 261,781 | 129,131 | |||||||||||||||||||
Gross profit | 25,559 | 32,099 | 111,735 | 73,703 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Research and development(1) | 320,151 | 60,768 | 395,646 | 113,519 | |||||||||||||||||||
Sales and marketing(1) | 86,969 | 18,228 | 101,670 | 28,554 | |||||||||||||||||||
General and administrative(1) | 95,672 | 10,285 | 106,689 | 17,282 | |||||||||||||||||||
Total operating expenses | 502,792 | 89,281 | 604,005 | 159,355 | |||||||||||||||||||
Loss from operations | (477,233) | (57,182) | (492,270) | (85,652) | |||||||||||||||||||
Other income, net | 26,979 | 368,358 | 29,507 | 374,644 | |||||||||||||||||||
Income (loss) before income tax | (450,254) | 311,176 | (462,763) | 288,992 | |||||||||||||||||||
Income tax expense | 274 | 1,664 | 1,771 | 3,347 | |||||||||||||||||||
Net income (loss) | $ | (450,528) | $ | 309,512 | $ | (464,534) | $ | 285,645 | |||||||||||||||
33
_______________
(1)Includes stock-based compensation expense as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
Cost of revenue | $ | 15,353 | $ | 187 | $ | 16,303 | $ | 513 | |||||||||||||||
Research and development | 222,147 | 9,301 | 227,846 | 15,013 | |||||||||||||||||||
Sales and marketing | 71,055 | 1,533 | 72,847 | 3,482 | |||||||||||||||||||
General and administrative | 68,453 | 2,260 | 69,605 | 3,427 | |||||||||||||||||||
Total stock-based compensation expense | $ | 377,008 | $ | 13,281 | $ | 386,601 | $ | 22,435 | |||||||||||||||
Stock-based compensation expense included $2.0 million and $5.9 million for the three and six months ended June 30, 2026, respectively, and $1.5 million and $3.0 million for the three and six months ended June 30, 2025, respectively, related to secondary transactions in each period. Refer to Note 13 - Stock-Based Compensation to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further discussion.
Pursuant to our 2016 Equity Incentive Plan (as amended, the “2016 Plan”), our restricted stock units (“RSUs”) vest upon the satisfaction of both service-based and liquidity-based vesting conditions. The service-based vesting condition for these awards is generally satisfied by rendering continuous service through the applicable vesting period, which is generally four years. The liquidity-based vesting condition was satisfied in connection with the IPO.
For such RSUs, we recognize stock-based compensation expense using the accelerated attribution method over the requisite service period if it is probable that the performance conditions will be achieved. We recognized $273.6 million of stock-based compensation expense during the six months ended June 30, 2026, associated with vested RSUs as a result of the satisfaction of the service-based and liquidity-based vesting conditions, one of which was satisfied in connection with the IPO. We will record the remaining stock-based compensation expense related to RSUs using the accelerated attribution method over the remaining requisite service period now that the liquidity-based vesting condition is satisfied.
The following table sets forth selected consolidated statements of operations data expressed as a percentage of revenue for each of the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (as a percentage of revenue) | |||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
Hardware | 30.0 | % | 68.0 | % | 44.1 | % | 69.0 | % | |||||||||||||||
Cloud and other services | 70.0 | 32.0 | 55.9 | 31.0 | |||||||||||||||||||
Total revenue | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||
Hardware | 29.5 | 45.1 | 31.6 | 46.9 | |||||||||||||||||||
Cloud and other services | 56.3 | 23.8 | 38.5 | 16.8 | |||||||||||||||||||
Total cost of revenue | 85.8 | 68.9 | 70.1 | 63.7 | |||||||||||||||||||
Gross profit | 14.2 | 31.1 | 29.9 | 36.3 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Research and development | 177.8 | 58.8 | 105.9 | 56.0 | |||||||||||||||||||
Sales and marketing | 48.3 | 17.6 | 27.2 | 14.1 | |||||||||||||||||||
General and administrative | 53.1 | 10.0 | 28.6 | 8.5 | |||||||||||||||||||
Total operating expenses | 279.2 | 86.4 | 161.7 | 78.6 | |||||||||||||||||||
Loss from operations | (265.0) | (55.3) | (131.8) | (42.2) | |||||||||||||||||||
Other income, net | 15.0 | 356.5 | 7.9 | 184.7 | |||||||||||||||||||
Income (loss) before income tax | (250.0) | 301.2 | (123.9) | 142.5 | |||||||||||||||||||
Income tax expense | 0.2 | 1.6 | 0.5 | 1.7 | |||||||||||||||||||
Net income (loss) | (250.1 | %) | 299.6 | % | (124.4 | %) | 140.8 | % | |||||||||||||||
34
Comparison of the Three and Six Months Ended June 30, 2026 and 2025
Revenue
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
Hardware | $ | 54,119 | $ | 70,295 | $ | (16,176) | (23 | %) | 164,712 | 139,969 | $ | 24,743 | 18 | % | |||||||||||||||||||||||||||||||||
Cloud and other services | 125,991 | 33,027 | 92,964 | 281 | 208,804 | 62,865 | 145,939 | 232 | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 180,110 | $ | 103,322 | $ | 76,788 | 74 | % | $ | 373,516 | $ | 202,834 | $ | 170,682 | 84 | % | |||||||||||||||||||||||||||||||
Total revenue for the three months ended June 30, 2026 increased by $76.8 million, or 74%, compared to the same period in 2025. Revenue for the six months ended June 30, 2026 increased by $170.7 million, or 84%, compared to the same period in 2025. The increases were primarily attributable to higher customer consumption, the continued ramp of dedicated cloud capacity and related services, and higher revenue under existing customer arrangements, partially offset by amortization of customer warrant assets as a reduction of revenue.
Hardware revenue decreased by $16.2 million, or 23%, for the three months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily attributable to $28.0 million in amortization of customer warrant assets as a reduction of revenue. This was partially offset by $11.9 million of higher hardware revenue under existing customer arrangements. For the six months ended June 30, 2026, hardware revenue increased by $24.7 million, or by 18%, compared to the same period in 2025. The increase was primarily attributable to $53.8 million of higher hardware revenue under existing customer arrangements, partially offset by $29.0 million in amortization of customer warrant assets as a reduction of revenue.
Cloud and other services revenue increased by $93.0 million, or 281%, for the three months ended June 30, 2026, compared to the same period in 2025, primarily attributable to $109.8 million from higher cloud services and related revenue from increased customer consumption, the commencement and ramp of services under customer arrangements, and dedicated cloud capacity deployments, partially offset by $16.2 million in amortization of customer warrant assets as a reduction of revenue. Cloud and other services revenue increased by $145.9 million, or 232%, for the six months ended June 30, 2026, compared to the same period in 2025, primarily attributable to $163.6 million from higher cloud services and related revenue from increased customer consumption, the commencement and ramp of services under customer arrangements, and dedicated cloud capacity deployments, partially offset by $17.3 million in amortization of customer warrant assets as a reduction of revenue.
Cost of Revenue and Gross Margin
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
| Hardware | $ | 53,141 | $ | 46,649 | $ | 6,492 | 14 | % | $ | 118,072 | $ | 95,059 | $ | 23,013 | 24 | % | |||||||||||||||||||||||||||||||
| Cloud and other services | 101,410 | 24,574 | 76,836 | 313 | 143,709 | 34,072 | 109,637 | 322 | |||||||||||||||||||||||||||||||||||||||
Total cost of revenue | $ | 154,551 | $ | 71,223 | $ | 83,328 | 117 | % | $ | 261,781 | $ | 129,131 | $ | 132,650 | 103 | % | |||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
| Hardware | $ | 978 | $ | 23,646 | $ | (22,668) | (96 | %) | $ | 46,640 | $ | 44,910 | $ | 1,730 | 4 | % | |||||||||||||||||||||||||||||||
| Cloud and other services | $ | 24,581 | $ | 8,453 | $ | 16,128 | 191 | % | $ | 65,095 | $ | 28,793 | $ | 36,302 | 126 | % | |||||||||||||||||||||||||||||||
Total gross profit | $ | 25,559 | $ | 32,099 | $ | (6,540) | (20 | %) | $ | 111,735 | $ | 73,703 | $ | 38,032 | 52 | % | |||||||||||||||||||||||||||||||
| Hardware | 2 | % | 34 | % | (32 | %) | 28 | % | 32 | % | (4 | %) | |||||||||||||||||||||||||||||||||||
| Cloud and other services | 20 | % | 26 | % | (6 | %) | 31 | % | |||||||||||||||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-08-21 | Lie Sean | Chief Technology Officer | Sell | -16,293 | $210.01 | -$3,421,693 |
| 2026-08-20 | Lie Sean | Chief Technology Officer | Sell | -710,247 ×10 | $207.86 | -$147,628,770 |
| 2026-08-18 | Patel Yagnesh | Chief Accounting Officer | Sell | -4,574 ×25 | $222.22 | -$1,016,445 |
| 2026-08-18 | Lie Sean | Chief Technology Officer | Sell | -21,257 ×26 | $222.22 | -$4,723,765 |
| 2026-08-18 | Mallick Dhiraj | Chief Operating Officer | Sell | -38,889 ×26 | $222.22 | -$8,642,077 |
| 2026-08-18 | Feldman Andrew D. | CEO, President | Sell | -26,644 ×26 | $222.22 | -$5,920,937 |
| 2026-08-17 | Vishria Eric indirect | Director | Sell | -68,268 ×6 | $229.77 | -$15,685,957 |
| 2026-06-30 | Mallick Dhiraj | Chief Operating Officer | Sell | -10,000 | $206.51 | -$2,065,100 |
| 2026-06-26 | Mallick Dhiraj | Chief Operating Officer | Sell | -20,000 ×18 | $173.73 | -$3,474,587 |
| 2026-06-25 | Mallick Dhiraj | Chief Operating Officer | Sell | -49,445 ×39 | $173.48 | -$8,577,790 |
| 2026-06-25 | Patel Yagnesh | Chief Accounting Officer | Sell | -6,125 ×30 | $171.66 | -$1,051,415 |
| 2026-06-26 | Patel Yagnesh | Chief Accounting Officer | Sell | -3,954 ×14 | $174.03 | -$688,099 |
| 2026-06-25 | Lie Sean | Chief Technology Officer | Sell | -10,033 ×16 | $170.07 | -$1,706,311 |
| 2026-06-25 | Feldman Andrew D. | CEO, President | Sell | -17,990 ×12 | $173.06 | -$3,113,283 |
| 2026-08-14 | Vassallo Steven indirect | Director | Sell | -50,000 ×5 | $218.18 | -$10,909,101 |
Source: SEC Form 4 filings.
Recent SEC filings
- 2026-08-12 8-K Earnings Release; Financial Statements and Exhibits
- 2026-08-12 10-Q Quarterly Report
- 2026-06-24 10-Q Quarterly Report
- 2026-06-23 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-15 8-K Bylaws/Articles Amended; Other Events; Financial Statements and Exhibits
- 2026-05-14 S-8 Employee Benefit Plan Registration
- 2026-05-14 S-8 Employee Benefit Plan Registration
- 2026-05-11 S-1/A Registration Statement (Amended)
- 2026-05-04 S-1/A Registration Statement (Amended)
- 2026-04-17 S-1 Registration Statement
- 2024-09-30 S-1 Registration Statement